Gamers Turn Crypto Thieves: $245M Heist Sparks Luxury Spending Spree
A group of gamers turned crypto thieves has pleaded guilty to one of the largest cryptocurrency heists in U.S. history, stealing $245 million in bitcoins.
The gang, which met through online gaming platforms, recruited victims and posed as Google support and the Gemini exchange to trick them into handing over access codes to their crypto wallets.
The stolen funds were laundered through a network of exchanges and used to fund a life of luxury on both coasts of the United States, including renting mansions in Miami and the Hamptons, flying private jets, and spending over $569,000 in one night at a Los Angeles nightclub.
The group's leader, Malone Lam, changed aliases multiple times before FBI agents raided his Miami estate in September 2024. Lam now faces up to 20 years in prison pending the official announcement of the verdict.